1. Field of the Invention
The subject invention generally relates to a method and a system for permitting cancellation of a wager placed on a pending event via a computer system.
2. Description of the Prior Art
Various systems for wagering on pending events via a computer system are well known in the prior art. Occasionally however, some participants may wish to cancel a previously placed wager prior to the occurrence of the pending event. An example of a computer system permitting wager cancellation is disclosed in U.S. Pat. No. 6,443,841 to Rossides (the '841 patent).
The '841 patent discloses a computer system and method for two individuals, referred to as a “placer” and an “acceptor” in the '841 patent, to wager on an outcome of a pending event. The placer offers the wager to the acceptor by placing terms and conditions of the wager on the computer system. The acceptor accepts the wager offered by the placer via the computer system. The computer system disclosed in the '841 patent permits cancellation of the wager by either the placer or the acceptor individually for a pre-determined period of time after the acceptor has accepted the wager, but prior to the occurrence of the pending event. After the pre-determined period of time has expired, neither the placer nor the acceptor may individually cancel the wager. Accordingly, the placer and the acceptor may cancel the wager for a pre-determined time after acceptance of the wager. However, the system disclosed in the '841 patent permits a user to abuse the cancellation option by continuously placing and then cancelling wagers, thereby frustrating and disappointing other users of the computer system who have relied on the previously placed wager. The present invention is directed at solving one or more of the problems present above.